TMB Capital Partners LLC Invests $1.58 Million in Bank of America Corporation $BAC

TMB Capital Partners LLC acquired a new stake in shares of Bank of America Corporation (NYSE:BAC) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 28,723 shares of the financial services provider’s stock, valued at approximately $1,580,000.

Other institutional investors also recently bought and sold shares of the company. Evansbrook LLC purchased a new position in shares of Bank of America in the fourth quarter worth approximately $1,360,000. Harbour Wealth Management Group Inc. bought a new position in Bank of America in the fourth quarter worth approximately $211,000. Lexington Hill Partners LLC purchased a new position in shares of Bank of America during the 4th quarter worth $254,000. Axxcess Wealth Management LLC boosted its stake in shares of Bank of America by 3.8% during the 4th quarter. Axxcess Wealth Management LLC now owns 233,354 shares of the financial services provider’s stock worth $12,834,000 after acquiring an additional 8,643 shares during the last quarter. Finally, Birchwood Financial Partners Inc. bought a new stake in shares of Bank of America during the 4th quarter valued at $94,000. Institutional investors own 70.71% of the company’s stock.

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total value of $6,719,335.56. Following the transaction, the insider directly owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. The trade was a 8.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.27% of the company’s stock.

Key Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America is leaning further into AI to strengthen its dominant muni underwriting franchise, which could help defend and expand a business line that already leads the market. Bank of America Eyes AI to Defend $46 Billion Muni Lead
• Positive Sentiment: The bank reportedly scored an early win in a dispute over First Brands’ inventory proceeds, which may improve its recovery prospects and reduce legal uncertainty. Bank of America gets early win in dispute over First Brands’ inventory proceeds – report
• Positive Sentiment: Several recent pieces highlight supportive themes for BAC, including high cash flow, strong dividend appeal, and investor interest in the stock after its multi-year run. Bank of America (BAC) – Among the 12 Stocks From Companies Generating High Cash Flow
• Neutral Sentiment: Analysts and strategists are broadly focused on the Fed’s “higher-for-longer” setup: that can support net interest income for banks like BAC, but it also raises funding-cost, credit, and securities-market risks. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
• Neutral Sentiment: Bank of America’s own rates team warned that a new Fed chair could bring bond-market volatility, which is more of a market backdrop issue than a direct fundamental hit to BAC. BofA Rates Strategist: New Fed Chair Warsh Is a Bond Market Stranger, Volatility Ahead
• Negative Sentiment: Bank of America is facing fresh regulatory scrutiny as authorities prepare debanking findings, adding headline risk and raising the chance of policy pressure. Bank Of America (BAC) Faces Fresh Scrutiny As Regulators Ready Debanking Findings

Bank of America Trading Down 0.5%

Shares of BAC stock opened at $56.26 on Friday. Bank of America Corporation has a 52-week low of $44.75 and a 52-week high of $57.98. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $399.27 billion, a PE ratio of 13.93, a PEG ratio of 0.96 and a beta of 1.18. The stock has a fifty day simple moving average of $52.82 and a two-hundred day simple moving average of $52.51.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.11. Bank of America had a return on equity of 11.49% and a net margin of 16.78%.The business had revenue of $30.27 billion for the quarter, compared to analysts’ expectations of $29.72 billion. During the same period last year, the firm earned $0.90 earnings per share. The business’s quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts predict that Bank of America Corporation will post 4.45 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Investors of record on Friday, June 5th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, June 5th. Bank of America’s dividend payout ratio (DPR) is 27.72%.

Analysts Set New Price Targets

BAC has been the topic of a number of recent research reports. Daiwa Securities Group raised their target price on Bank of America from $58.00 to $61.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Evercore reduced their price target on Bank of America from $70.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday, May 15th. Keefe, Bruyette & Woods raised their price objective on Bank of America from $63.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. The Goldman Sachs Group boosted their price objective on Bank of America from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, Truist Financial increased their target price on shares of Bank of America from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Twenty-two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average target price of $61.06.

About Bank of America

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.